The market has been moving sideways since May 2019. We have the price channel with the upper and bottom zones and borders at 2.040 and 2.780 levels.
Now the price is at the bottom zone, and it gives us a possible buy opportunity based on the daily timeframe. If the market bounces between 2.040 and 2.150 or from this support only, it will be possible to buy with stop orders below 2.040 and the profit target at 2.600 resistance.
If the price breaks the support at 2.040 and moves lower, it will be a bearish signal. The market will be able to continue the downtrend.
Now the price is at the bottom zone, and it gives us a possible buy opportunity based on the daily timeframe. If the market bounces between 2.040 and 2.150 or from this support only, it will be possible to buy with stop orders below 2.040 and the profit target at 2.600 resistance.
If the price breaks the support at 2.040 and moves lower, it will be a bearish signal. The market will be able to continue the downtrend.
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